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<br />South Side Reservoir Company <br />January 22-23, 2003 <br /> <br />Agenda Item 1ge <br />Updated January 27,2003 <br /> <br />As security for the loan the SSRC will pledge assessment revenues backed by assessment <br />covenant and the project itself. This security is in compliance with CWCS Loan Policy #5 <br />(Collateral). <br /> <br />Recommendation <br />Staff recommends a CWCS Small Project Loan in maximum amount of $360,000 to the South <br />Side Reservoir Company to rehabilitate the South Side Dam. The recommended loan terms are <br />30 years at 3.1 % or 20 years at 2.9% at the borrower's option. The security for the loan will be <br />in compliance with CWCS Loan Policy #5. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCS, including loan Policy #16 (Loan Service Charges). <br /> <br />Action taken bv the CWCS January 23. 2003 <br />The CWCS approved the Staff Recommendation. <br /> <br />cc: John Whiteside, President, South Side Reservoir Co. <br />John Gauthiere, P.E. <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />c: Proj-New\South Side Res 0103 memo; L:\boardmem\January03\Agenda Item 1ge Jan03\ South Side Reservoir <br /> <br />4 <br />